From WSJopinion: China has muscled aside American companies in critical industries. Fortunately, there is a way to combat Beijing’s economic thuggery that both political parties ought to support, writes William P. Barr.
The U.S. has been the world’s technological leader since the end of the 19th century. This has made the country prosperous and secure. When the U.S. leads the way in a new technology—as it did with the internet—Americans benefit economically. But U.S. technological leadership is under assault, and the stakes couldn’t be higher.
Most of the developed world is moving inexorably toward electric vehicles, and this will accelerate with increases in scale. The Chinese Communist Party saw this coming years ago and has spent billions to build and control supply chains and mineral processing facilities that are critical to electric-vehicle batteries. If the U.S.
The U.S. needs to make its own batteries using a domestic supply of critical minerals. The Inflation Reduction Act will ensure that more of this happens, and faster. Republicans can help usher in this new reality by exerting pressure on the Biden administration to streamline and accelerate the permitting process for mines and battery plants, and to eliminate any loopholes that would deliver tax credits for Chinese batteries. These steps can be taken swiftly through executive action.
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